FCCPC Report Highlights Need for Banks and Fintechs to Improve Customer Experience

With the publication of the Federal Competition and Consumer Protection Commission’s (FCCPC) most recent report, the Nigerian financial industry has once again come under examination. According to the research, banks and fintech companies were the worst violators of customer rights, receiving the greatest number of consumer complaints in the first half of 2025.

The banking industry alone received 3,173 complaints, while fintech companies received 1,442, making them the two worst offenders out of the 30 industries evaluated, according to the FCCPC. Between March and August 2025, over 9,000 complaints were filed in various areas. The commission claimed to have recovered more than N10 billion for irate customers in the same time frame as a result of its actions.

There is more to this trend than just statistics. The everyday annoyances of regular Nigerians who rely on banks and fintechs to run their businesses and lives are reflected in it.

Every figure in the FCCPC report represents a unique tale of stress and disappointment. Consider the case of Lagos trader Sabitu Megbon, who bemoaned the impact of bank failures on his modest enterprise:

“I struggle to get money to replenish almost every other day, and I’m always left hanging because there’s no warning of service outages. I lost devoted clients as a result, and they now view me as untrustworthy.

The same is true for Chinedu Okeke, an entrepreneur who depends significantly on digital banking: “I pay suppliers online, but the bank’s app crashes whenever I need it most.” Suppliers have severed their relationships with me due to late payments. The fact that banks refuse to accept accountability for these recurring mistakes is unjust.

Additionally, banking issues are more personal for government worker Grace Abah: “My salary occasionally disappears for hours or days before it reflects.” It indicates that I am unable to promptly attend to my domestic demands. There is no need for the tension.

Numerous clients in Nigeria are dealing with unsuccessful transfers, unauthorized deductions, subpar service, and protracted redressal delays.

When discussing the problem, the FCCPC has not held back. Persistent service interruptions, unauthorized deductions, and inadequate term disclosure could constitute violations of the Federal Competition and Consumer Protection Act (FCCPA) 2018, the government has cautioned on numerous occasions.

Customers have a right to prompt redress, quality service, and transparency, according to FCCPC Executive Vice Chairman Tunji Bello. In a recent remark, he said, “Banks and fintechs cannot continue to operate as if consumers have no choice.”

The FCCPC has essentially sent a wake-up call to the financial industry by publicly criticizing it: improve customer service or risk harsher regulatory repercussions.

Based on customer testimonies and the FCCPC’s conclusions, the main issues can be divided into four categories: false disclosures, unfair charges and unauthorized deductions, service failures, and slow complaint response.

In other words, sluggish transaction reversals, unsuccessful transfers, and app outages continue to be everyday annoyances, even as mysterious fees and charges continue to undermine trust. This is due to the prevalence of unclear interest rates, hidden terms in digital loans, and inadequate communication, which causes many consumers to wait weeks or even months before problems are fixed, if at all.

These issues show a systemic disrespect for the client experience rather than only being operational errors.

Banks and fintechs are the entry points to financial inclusion in a nation where more than 40% of the population does not have access to the official banking system. However, public confidence in the system is damaged if users who enter through these gateways are treated unfairly and with lack of trust.

Although the N10 billion recovered is a substantial number, it just scratches the surface of the hidden costs that consumers bear, such as lost business opportunities, stressed family budgets, hours spent waiting in line at banks or phoning customer support, and diminished trust in financial institutions.

In actuality, subpar customer service hinders Nigeria’s economic efficiency in addition to being an annoyance.